Israel-based Global-E Online (GLBE) beat revenue estimates and raised its outlook for the current quarter and full year when the e-commerce software maker reported second-quarter results late Monday, its first as a public company. GLBE stock jumped.
Global-e reported second-quarter revenue of $57.3 million, up 92% year over year. Analysts expected revenue of $47.6 million, according to FactSet.
It reported an adjusted loss of 25 cents vs. expectations of a 16-cent loss.
“We remain focused on executing across all our strategic vectors, from geographical expansion, to adding additional features and innovative capabilities, to expanding the network of strategic partners in our ecosystem,” said Amir Schlachet, founder and chief executive, in written remarks with the earnings release.
GLBE stock surged more than 6% at one point on the earnings news. Shares were up 5.5% near 72 in after-hours trading on the stock market today.
GLBE Stock: Revenue Outlook Hiked
The company raised its full-year revenue outlook to a range of $227 million to $231 million. That’s up from its prior estimate of $209 million to $213.5 million.
For its third quarter, the company expects revenue in the range of $54.3 million to $56.3 million. Analysts were predicting $48.4 million.
Gross merchandise volume jumped 95% to $326 million.
The company offers an end-to-end cross-border platform which connects shoppers and brands to make international transactions. It also has a strategic partnership with Shopify (SHOP).
Global-e Online held its initial public offering on May 12, pricing shares at 25, the high end of its estimated range. The company raised $375 million, and GLBE stock has soared 172% since then.
Please follow Brian Deagon on Twitter at @IBD_BDeagon for more on tech stocks, analysis and financial markets.
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